[Ord. #93-011, § 4]
This Section 4-6 may be cited as the City of Albany Municipal
Facilities Revenue Bond Law.
[Ord. #93-011, § 4]
The Council hereby finds and declares that it is necessary,
essential, a public purpose and municipal affair for the City to provide
financing for municipal facilities serving residents and businesses
of the City in the interests of the public health, safety and welfare.
[Ord. #93-011, § 4]
Unless the context otherwise requires, the following definitions
shall govern the construction of this Section 4-6:
Shall mean with respect to any facility or portion thereof,
the acquisition, construction, improvement, furnishing, equipping,
remodeling, repair, reconstruction or rehabilitation thereof.
Shall mean any bonds, notes, installment sale agreements,
leases or other obligations issued or entered into by the City pursuant
to this Section 4-6 for the purpose of financing the costs of a facility,
which are payable exclusively from revenues relating to such facility
and other funds permitted by this Section 4-6.
Shall mean the charter of the City, as amended from time
to time.
Shall mean the City of Albany, California, a charter city
in the State existing under and exercising powers pursuant to the
charter and Constitution of the State.
Shall mean the City Council of the City.
Shall mean, with reference to a facility or any portion thereof,
any or all of the following costs incurred for the acquisition and
construction thereof:
Obligations of the City incurred for labor and materials in
connection with the acquisition and construction of such facility
or portion thereof;
The cost of acquisition and construction of any property, whether
real or personal and improved or unimproved, including franchise rights
and other intangible property, and any interests therein, required
for the acquisition and construction of such facility or portion thereof;
The cost of demolishing, removing or relocating any building
or structure, and the cost of making relocation assistance payments
required by law;
The cost of contract bonds and of insurance of all kinds that
may be required or necessary during the course of the acquisition
and construction of such facility or portion thereof;
All costs of engineering, legal and consultant services, including
the costs of the City for surveys, estimates, plans and specifications
and preliminary investigation therefor, and for supervising construction,
as well as for the performance of all other duties required by or
consequent upon the proper acquisition and construction of such facility
or portion thereof;
All costs incurred in connection with proceedings by the City
necessary to comply with the California Environmental Quality Act
of 1970, as amended;
All amounts required to fund any reserve funds for bonds and
any interest on bonds becoming due and payable during a period not
exceeding the period of acquisition and construction of such facility
or portion thereof, and for twelve (12) months thereafter;
All costs of issuance of the bonds;
All costs which the city shall be required to pay, under the
terms of any contract or contracts, for the acquisition and construction
of such facility or portion thereof;
The refinancing of any existing indebtedness relating to such
facility or portion thereof; and
Any sums required to reimburse the City for advances made for
any of the above items, or for any other costs incurred and for work
done which are properly chargeable to such facility or portion thereof.
Shall mean any land, improvements, facilities, equipment
and other property of any nature whatsoever, which are used in any
municipal enterprise of the City. Such municipal enterprises may include,
but shall not be limited to, any one or more of the following: (a)
the system of the City for the acquisition, storage, treatment and
distribution of water for domestic use, irrigation, sanitation, industrial
use, fire protection, recreation or any other public or private use;
(b) the system of the City for the collection, treatment and disposal
of sewage, waste or storm water, including drainage; (c) public parking
lots, garages or other automotive or vehicular parking facilities,
including any and all public off-street vehicular parking facilities;
(d) hospitals and facilities appurtenant thereto; and (e) any other
facility for which the City is authorized to provide financing through
the issuance of revenue bonds. The precise description of any facility
for which financing is provided under this Section 4-6 shall be set
forth in the proceedings of the City Council authorizing such financing.
Shall mean, with respect to a facility, all gross income
and revenue received by the City from the ownership and operation
of such facility, including all fees and charges received by the City
for the services of such facility and all other income and revenue
howsoever derived by the City from the ownership and operation of
such facility or arising from such facility, and including all receipts
derived from the investment of such income or revenues, including
moneys deposited in a sinking, redemption or reserve fund or other
fund to secure the bonds or to provide for the payment of the principal
of or interest on the bonds and such other moneys as the City Council
may in its discretion make available therefor. With respect to any
grant anticipation notes issued under this Section 4-6, the term revenues
shall also include the revenues derived from the proceeds of any federal
or State grant with respect to such facility. The precise description
of the revenues with respect to any facility for which financing is
provided under this Section 4-6 shall be set forth in the proceedings
of the City Council authorizing such financing.
Shall mean this Section 4-6 of the Albany City Code, as amended
from time to time in accordance herewith.
Shall mean the State of California.
[Ord. #93-011, § 4]
In connection with the acquisition and construction of a facility
by the City, the City is authorized and empowered:
a.
To issue bonds for the purpose of financing or otherwise assisting
the payment of the costs of such facility and for the purpose of funding
or refunding any issue of bonds.
b.
To establish the terms and conditions for the financing of any component
of such facility undertaken pursuant to this Section 4-6.
c.
To employ or contract for such legal, consultant, underwriting, economic
feasibility, or other services in connection with the financing of
such facility, or to contract for bond insurance or other forms of
collateral security, as may be necessary in the judgment of the City
Council for the successful financing of such facility and the issuance
and sale of bonds therefor.
d.
In addition to all other powers specifically in this Section 4-6,
to do all things necessary or convenient, in the judgment of the City
Council, to carry out the purposes of this Section 4-6.
[Ord. #93-011, § 4]
The City may issue its bonds for the purpose of financing or
otherwise assisting the acquisition and construction of all or any
portion of a facility as authorized by this Section 4-6. Every issue
of bonds shall be a special obligation of the City, payable solely
from all or any part of the revenues with respect to such facility.
It shall not be necessary that the issuance of any bonds be subject
to authorization by the voters of the City.
[Ord. #93-011, § 4]
Bonds may be issued as serial bonds or as term bonds, as current
interest bonds or capital appreciation bonds, or in such other or
additional forms as the City Council may deem advisable. The bonds
shall be authorized by resolution of the City Council and shall bear
such date or dates, mature at such time or times, bear interest at
such fixed or variable rate or rates, be payable at such time or times,
be in such denominations, be in such form, carry such registration
privileges, be executed in such manner, be payable in lawful money
of the United States of America at such place or places, and be subject
to such terms of redemption as the City Council may provide. The bonds
may be sold at either a public or private sale and for such prices
as the City Council shall determine.
[Ord. #93-011, § 4]
Any proceedings of the City authorizing bonds for a facility
may contain provisions respecting any of the following terms and conditions,
which shall be a part of the contract with the owners of the bonds:
a.
The pledge of all or any part of the related revenues, subject to
such agreements with bond owners as may then exist.
b.
The creation of any mortgage, lien or other security interest on
any part of a facility, or on any other funds, rights or assets of
the City of any nature whatsoever relating to such facility.
c.
The interest and principal to be received and other charges to be
charged and the amounts to be raised each year thereby, and the use
and disposition of such revenues.
d.
The setting aside of reserves on sinking funds and the regulation
and disposition thereof.
e.
Limitations on the purposes to which the proceeds of a sale of any
issue of bonds, then or thereafter issued, may be applied, and pledging
such proceeds to secure the payment of the bonds or any issue of bonds.
f.
Limitations on the issuance of additional bonds, the terms upon which
additional bonds may be issued and secured, and the refunding of outstanding
bonds.
g.
The procedure, if any, by which the terms of any contract with bond
owners may be amended or abrogated, the amount of Bonds the owners
of which must consent thereto, and the manner in which such consent
may be given.
h.
Specification of the acts or omissions to act which shall constitute
a default in the duties of the City to the owners of the bonds, and
providing the rights and remedies of such owners in the event of default.
i.
Such other terms and conditions pertaining to the issuance of the
bonds as are deemed advisable by the City Council.
[Ord. #93-011, § 4]
In the discretion of the City Council, any bonds issued under
the provisions of this Section 4-6 may be secured by a trust agreement
or indenture by and between the City and a corporate trustee or trustees,
which may be any trust company or bank having the powers of a trust
company within or without the State. Such trust agreement or the indenture
may pledge or assign the revenues to be received or proceeds of any
contract or contracts pledged, and may convey or mortgage any property.
Such trust agreement or indenture may contain such provisions for
protecting and enforcing the rights and remedies of the bond owners
as may be reasonable and proper and not in violation of law, including
such provisions as is permitted to be included in any resolution or
resolutions of the City Council authorizing the issuance of bonds
hereunder. Any bank or trust company doing business under the laws
of the State which may act as depository of the proceeds of bonds
or of revenues or other moneys may furnish such indemnity bonds or
pledge such securities as may be required by the City. Any such trust
agreement or indenture may set forth the rights and remedies of the
bond owners and of the trustee or trustees, and may restrict the individual
right of action by bond owners. In addition to the foregoing, any
such trust agreement or indenture may contain such other provisions
as the City Council may deem reasonable and proper for the security
of the bond owners.
[Ord. #93-011, § 4]
Neither the members of the City Council nor any person executing
the bonds shall be liable personally on the bonds or be subject to
any personal liability or accountability by reason of the issuance
thereof.
[Ord. #93-011, § 4]
The City Council may provide for the issuance of bonds any portion
of which is to be used for the purpose of refunding outstanding bonds,
including the payment of the principal thereof and interest and redemption
premiums, if any, thereon. The proceeds of bonds issued to refund
any outstanding bonds may, in the discretion of the City Council,
be applied to the retirement of such outstanding bonds at maturity,
or the redemption (on any redemption date) or purchase of such outstanding
bonds prior to maturity, upon such terms and subject to such conditions
as the City Council shall deem advisable.
[Ord. #93-011, § 4]
Revenues, or any portion thereof, as designated in the resolution,
trust agreement or indenture authorizing the issuance of the bonds,
shall be the sole source of funds pledged by the City for repayment
of bonds issued hereunder. Bonds issued hereunder shall not be deemed
to constitute a debt or liability of the City or a pledge of the faith
and credit of the City but shall be payable solely from revenues.
All bonds shall contain on the face thereof a statement to the following
effect:
Neither the faith and credit nor the taxing power of the City
of Albany is pledged to the payment of the principal of or interest
on this bond.
The issuance of bonds shall not directly, indirectly or contingently
obligate the City Council to levy or pledge any form of taxation or
to make any appropriation for their payment.
[Ord. #93-011, § 4]
All moneys received pursuant to the provisions of this Section
4-6, whether proceeds from the sale of bonds or revenues or other
moneys or assets authorized by this Section 4-6 to be pledged to secure
payment of bonds, shall, to the extent set forth in the resolution
or trust agreement authorizing the issuance of the bonds, be deemed
to be trust funds to be held and applied solely for the purposes of
this Section 4-6. Any bank or trust company in which such moneys are
deposited shall act as trustee of such moneys and shall hold and apply
the same for the purposes specified in this Section 4-6, subject to
the terms of the resolution, agreement or indenture authorizing the
bonds.
[Ord. #93-011, § 4]
The City shall have the power out of any funds available therefor
to purchase its bonds. The City may hold, pledge, cancel or resell
such bonds, subject to and in accordance with its agreement with bond
owners.
[Ord. #93-011, § 4]
In anticipation of the sale of bonds authorized by this Section
4-6, the City is hereby authorized to issue bond anticipation notes,
and to renew the same from time to time, in such series and amounts
as are determined by the City Council to be necessary or appropriate
for the costs of a facility approved by the City Council. Such notes
shall be payable from revenues or other moneys or assets authorized
by this Section 4-6 to be pledged to secure payment of bonds, and
which are not otherwise pledged, or from the proceeds or sale of the
particular bonds in anticipation of which they are issued. Such notes
shall be issued in the same manner as other bonds which are authorized
to be issued hereunder.
[Ord. #93-011, § 4]
In anticipation of the receipt of funds derived from any Federal
or State grants with respect to a facility or any portion thereof,
the City is hereby authorized to issue grant anticipation notes, and
to renew the same from time to time, in such series and amounts as
are determined by the City Council to be necessary or appropriate
for the costs of a facility approved by the City Council and reimbursable
from such grants. Such notes shall be payable from the revenues derived
from the proceeds of such grants or other moneys or assets authorized
by this Section 4-6 to be pledged to secure payment of bonds, and
which are not otherwise pledged, or from the proceeds or sale of the
particular bonds in anticipation of which they are issued. Such notes
shall be issued in the same manner as other bonds which are authorized
to be issued hereunder.
[Ord. #93-011, § 4]
This Section 4-6, being necessary for the health, welfare and
safety of the City, its residents and businesses, shall be liberally
construed to effect its purposes. Furthermore, the City Council hereby
declares that this Section 4-6 is an exercise of the power granted
to the City by the City Charter and the Constitution of the State
and is an exercise by the City of its powers as to municipal affairs
and its police powers, and this Section 4-6 shall be liberally construed
to uphold its validity under the laws of the State.
[Ord. #93-011, § 4]
This Section 4-6 shall be deemed to provide a complete, additional
and alternative method for doing the things authorized hereby, and
shall be regarded as supplemental and additional to the powers conferred
by other laws. The issuance of bonds under the provisions of this
Section 4-6 need not comply with the requirements of any other law
applicable to the issuance of bonds for a facility. The purposes authorized
hereby may be effectuated and bonds are authorized to be issued for
any such purposes under this Section 4-6 notwithstanding that any
other law may provide for such purposes or for the issuance of bonds
for like purposes and without regard to the requirements, restrictions,
limitations or other provisions contained in any other law.
[Ord. #93-011, § 4]
An action may be brought pursuant to Chapter 9 (commencing with Section 860 of Title 10 of Part 2 of the Code of Civil Procedure) to determine the validity of bonds and the legality and validity of all proceedings previously taken and proposed to be taken for the authorization, issuance, sale, and delivery of the bonds and for the payment of the principal thereof and interest thereon.
[Ord. #93-011, § 4]
This Section 4-6 shall not be amended so as to have a material,
adverse affect upon the rights of the owners of any outstanding bonds
theretofore issued hereunder, without the written consent of such
bond owners; provided, however, that this Section 4-6 may be amended
at any time (a) to make such provisions for the purpose of curing
any ambiguity, or of curing, correcting or supplementing any defective
provision herein contained, as the City may deem necessary or desirable;
or (b) if such amendment does not materially impair or adversely affect
the interests of any such bond owner in the opinion of the City Council;
or (c) if such amendments apply solely to bonds not theretofore issued.
[Ord. #93-011, § 4]
To the extent that the provisions of this Section 4-6 are inconsistent
with the provisions of any general statute or special act or parts
thereof, the provisions of this Section 4-6 shall be deemed controlling.
